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Five Need-to-Know Tips For Buying or Financing a New Vehicle
Tools and tips for smart auto loan decisions.
Before buying or financing that new vehicle, car buyers need to arm themselves with the knowledge they need in order to obtain as favorable a deal as they can. BFG Federal Credit Union is here to help prospective buyers with the following five need-to-know tips, which can help anybody obtain a better deal and avoid a mishap.
1. Determine the right monthly payment: The general guideline is that the longer the term of a new car loan, the lower the monthly payment. Conversely, consumers end up paying more in total interest over longer loans, so it depends on what each person is financially comfortable with, and there's no right or wrong. There are many helpful tools available, including BFG's easy online calculator, to help provide clarity on just how much a payment will be depending on factors such as term length and interest rate. Payment calculators can also be used so that consumers appropriately know their budgetary limits and don't sign up for something they can't afford.
2. Pre-Approval: Pre-approval is a very helpful tool to have on hand when shopping for a new vehicle. With pre-approval for a new auto loan, dealers know they can close a deal, and more favorable terms can be obtained. Private financing for new or used car loans also typically feature lower rates than what a dealer offers.
3. Use NADA Guides: NADA provides comprehensive shopping guides that offer information on official vehicle prices, available incentives, quotes and more. It's an invaluable resource to have on hand before going through with any purchase or before obtaining a new car loan.
4. Manufacturer Rebates: Manufacturers often have various rebates available for consumers. But, dealers and salesmen aren't always keen to reveal them unless they have to. Be sure to be aware of all rebates and other special deals beforehand, so nothing is missed.
5. Negotiate: Negotiate from a position of strength with the above information. With a pre-approved auto loan, official retail pricing, knowledge of all rebates and incentives, and more, even the swiftest of car salesmen won't have an edge.
For consumers and car buyers in Akron, Hudson, Stow, Cuyahoga Falls and all throughout Ohio, BFG Federal Credit Union is a go-to source for affordable new and used car loans. Available payment calculators, low interest rates, helpful new and used cost guides and more make the Akron credit union a leading destination for auto loans in Ohio.
Visit BFGFCU.org today for more information and to take advantage of many helpful resources.